March 2023   March Market Update   We love March! While winter is not yet done, (always a couple of snowstorms left including winter’s last gasp late March or early April), the days are longer, and we are in the home stretch heading for spring and warmer weather!   As is usual for this time of year, buyers are starting to come out of winter hibernation and the number of monthl...Read More

January 2023     December’s 3,117 sales ended 2022 with a total of 75,140 homes sold at an average price of $1,189,850, compared to 2021’s average price of $1,095,333. While the average price is up from a year ago, it does not tell the whole story. In fact, prices have been adjusting downward since they rose by 25%-28% in last year’s February/March timeframe.   Two...Read More

December 2022   Toronto real estate board members sold 4544 homes in November.  In an average market, we would expect about 6,000 homes to be sold, so while we are down from that number it’s still a pretty good month given the multiple increases in borrowing rates. The number of available homes for sale remains very low at just under 12,000 which is maintaining current prices level...Read More

November 2022   Despite another rate hike from the Bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This shortage of homes kept the average price stable, similar to last month, at $1,089,428, and is 9.9% higher than the end of 2021.    The Bank of Canada’s most recent messaging s...Read More

October 2022   Market Update   Despite higher borrowing costs, 5,038 homes sold in September, down from last year’s record levels. Sales took place in all areas with all types of homes throughout the GTA, bringing the average sale price year-to-date to $1,212,963, up 10.7% since the start of the year.   It’s confusing, isn’t it? Prices are supposed to be down but y...Read More

September 2022   Market Report With 5,627 homes sold, August marked a slight increase over July in terms of number of homes sold as well as the average sale price. The average sale price YTD is now at $1,224,216, compared to 2021’s average price of $1 095,339.    Before you start to celebrate that the recession is over and prices are starting to rise again, please don&rsquo...Read More

June 2022,   Dear Friend,   No surprises as the Toronto Real Estate Board released the May sales numbers. 7,283 properties sold and GTA Realtors listed 18,679 homes for sale. The year-to-date average sale price stands at $1,274,869, up 16.4% since the end of 2021.   Without a doubt, the increase in the mortgage rates has impacted some buyers at a psychological level, where they have...Read More

May 2022   Dear Friend,   The interest rate increases the Bank of Canada implemented in its goal of slowing inflation, had an immediate impact on the real estate market. Yes, it become more expensive to purchase a home, yes, it eliminated some buyers from being able to qualify for financing, but the greatest impact to the real estate market was psychological. Almost overnight it created ...Read More

April 2022 As expected, the spring market kicked off with10,955 homes sold, the third-best March and second-best first quarter on record. The average price in March was $1,299,894, bringing the year-to-date average to $1,299,591, up 18.6 % over the 2021 year-end average of $1,095,381. As we wrote in January, “Don’t panic”! Prices will continue to increase in 2022, (about 1...Read More

March 2022   Market Update   February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a very low inventory of homes for sale meant that competition between buyers was strong and prices had nowhere to go but up. The average sale-price in February was$1,334,544 up from $1,242,760 in Jan...Read More